Under Yellow Book standards, an auditor can perform 1 of 5 engagement types: financial audit, performance audit, examination, review and agreed-upon procedures.
2024 Yellow Book
Scope Limitations Render an Auditor Useless
Scope limitations are barriers put up by the auditee to prevent the auditor from finding out the truth and destroy an auditors independence.
Fraud, Waste or Abuse?
Fraud, waste and abuse are all similar with one major difference: CRITERIA! Fraud is the only reportable condition as the other two are subjective and not based in criteria.
3 Roles on an Audit Engagement
GAGAS section 4.10 reminds us professional maturity depends on our ability to tolerate uncertainty and ambiguity. The 3 roles on an audit engagement generally include non-supervisory auditors, supervisory auditors and partners/directors.
6 Quality Objectives for Government Engagements
Chapter 5 of the 2024 Yellow Book specifies 6 engagement quality objectives. Audit teams use these objectives to assess quality risk and design responses to address those risks. Be careful… These objectives overlap quite a bit!
9 Roles Ensuring Quality of a Yellow Book Engagement
The 2024 Yellow Book created some new roles for the audit team. Although GAGAS allows a custom design, here are 9 roles ensuring quality.
7 Things to Know About Engagement Quality Reviews
Per the new 2024 GAGAs standard 5.139, engagement quality reviews are objective evaluations of the engagement team’s significant judgments and the conclusions reached thereon.
Monitoring vs. Evaluation
The recently-published 2024 Yellow Book changed its audit quality control standards. Previously, an annual monitoring report was a requirement. Now, there’s an annual evaluation report with a conclusion regarding the strength of the quality management system. Check out this contrast for more clarity on the standard’s new expectations.
7 Steps of Quality Management
The 2024 Yellow Book lays out 7 steps of quality management for government audits. This summary will help jumpstart your compliance journey.
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